Bearish momentum continues amid FII sell-off and global challenges in the stock market. Sensex and Nifty continued to fall after positive opening earlier this week. IT shares have also seen massive profit booking. Sensex opened with a 300-point jump today and lost more than 900 points to close at 77,000. Nifty also lost 200 points, losing the psychological level of 23400.
The stock market continues to bear the brunt of recession. Sensex and Nifty have fallen more than 10% from their record highs. While investors have also lost capital of more than Rs.50 lakh crore. The reason behind the big crash in the stock market is the selling by FPIs and FIIs. The Sensex closed down 241 points at 77339 points, while the Nifty future index closed down 87 points at 23513 points. While the Bank Nifty future index closed at the level of 50408 points with a jump of 132 points.
With Trump getting majority in the US, IT and technology stocks saw an attractive surge following the rise in the dollar index. However, investors in IT and technology stocks are booking profits as Fed Reserve Jerome Powell rules out the possibility of a cut in interest rates. Today BSE Information Technology Index was down 3% to hit a low of 40861. However, metal and realty shares saw lower buying today. As a result, metal and realty indices are trading in the green zone. Auto shares also saw marginal improvement.
Top gainers in today's trade include Indigo, Mahindra & Mahindra, TVS Motors, Lupine, DVS Lab, Larsen, Kotak Mahindra Bank, Torrent Pharma, Tata Chemicals, Adani Ports, AU Bank. Today's list of top losers includes Mahanagar Gas 14%, Gujarat Gas 7%, TCS 3%, Glenmark Pharma 3%, Infosys 3% down, Adani Enter., Grasim, Sun Pharma, HCL Technology, Havells, Reliance, Tech Mahindra, DLF, Bharti Shares like Airtel, Cipla Axis Bank, Bata India have declined.
Out of a total of 4224 scrips traded on BSE, decliners were 2483 and gainers 1614, while 127 scrips were unchanged. While in 448 stocks there was a bearish lower circuit of only sellers against a bullish upper circuit of only buyers in 367 stocks.
Nifty Future Technical Levels NIFTY FUTURE CLOSE :- ( 23513 ) :- The next swing is likely to see Nifty Future touch the crucial level of 23404 points, 23373 points from 23474 points to 23404 points, 23373 points in terms of first and crucial strong stoploss of 23808 points at 23676 points. .
Bank Nifty Future Technical Levels Bank Nifty Future Close :- ( 50408 ) :- The next swing is likely to see the Bank Nifty Future touch the crucial level of 50088 points first and 50008 points from 50474 points to 50570 points, 50676 points very important level around 50008 points cautiously. Create a position.
Specific technical level regarding future stock ACC Limited ( 2194 ) :- The share price of this leading company of Adani Group is currently trading around Rs.2160. Buyable with a stoploss of Rs.2144, this stock is likely to register a price of Rs.2208 to Rs.2218 in a short period of time…!! Bullish focus above Rs.2230.
Sun Pharma ( 1750 ):- Positive breakout around Rs.1727 as per technical chart…!! Buyable with support of Rs.1707, the stock is likely to touch Rs.1767 to Rs.1777.
Oberoi Realty ( 1910 ) :- According to the technical chart, this stock from the residential and commercial projects sector is likely to trade profitably around Rs.1949 with a target price of Rs.1890 to Rs.1873. Consider a trading stoploss of Rs.1960.
HCL Technology ( 1836 ):- This stock is sellable with a stoploss of Rs.1860 registering an overbought position around Rs.1853..!! It is likely to show the price of Rs.1818 to Rs.1808 in phases…!! Consider bullish above Rs.1870.
Future direction of the market… Friends, on the global front, the development taking place after the victory of Donald Trump in America and on the other hand the expectation of a decrease in geopolitical tension, at the time when the tariff war of America with China is expected to start, there is a big upheaval in the global markets. Earlier, signs of foreign funds, foreign portfolio investors shifting from India to China as a result of China's stimulus mega package, large gaps in small, mid-cap stocks along with large falls in Sensex, Nifty in Indian stock markets have given rise to crisis. The situation has been prevented from getting out of control by hinting at the foreign broking houses to become Advantage India again. The Goods and Services Tax (GST) Council is likely to relax GST on health and life insurance premiums in its December meeting. The council meeting was earlier scheduled to be held in the current month but now it will be held on December 23 and 24. Finance Minister Nirmala Sitharaman said that the meeting of the council was held in December as finance ministers of various states are currently meeting in preparation for the next budget. The Group of Ministers on GST has recommended relaxation of GST on health and life insurance premiums. The proposed relaxation in GST rate on life insurance premiums is estimated to reduce the government's revenue by Rs 200 crore, which is proposed to be compensated by raising rates on other items.
The author is a SEBI registered research analyst and proprietor of Investment Point.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
